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RENOVATION ACTIVITY & SPEND HIT FOUR-YEAR HIGHHome renovation activity and spend are at the highest rates reported since 2018. More than half of homeowners (53%) renovated in 2021, up four percent from 49% in 2020. Homeowners recorded a 20% jump in median renovation spend at £18,000 from £15,000 in 2020.
PLANNED RENOVATION SPEND INCREASES YEAR OVER YEARHome renovation activity continues into 2022, with nearly half of homeowners planning to renovate (49%) and more than half planning to decorate (55%) this year. Homeowners’ planned spend has increased to £10,000 for 2022 versus £7,000 in 2019, a 43% jump. Homeowners with higher-budget renovations (the top 10 percent of spend) are planning to spend £100,000 on projects in 2022 compared with £75,000 in 2021.
DEMAND FOR HOME PROFESSIONALS Homeowners sought help from professionals for their renovations in 2021 (92%) more often than in the year prior (88%). Homeowners relied most heavily on the expertise of specialty service providers such as electricians (58%) and plumbers (53%) for their projects.That said, builders (34%) and architects (23%) were the most hired professionals in construction and design related services and saw a significant jump in 2021 compared with 2020 (30% and 18%, respectively).
SWITCHING UP INTERIORSInvestments in interior rooms remained the priority for three in four renovating homeowners in 2021 (75%). Kitchens are both the most popular interior room to be upgraded and the room that commanded the highest spend at £12,000. Interior rooms that saw the most dramatic increase in popularity from the previous year included entrance or boot rooms (26%), dining rooms (25%), utility rooms (20%) and home offices (18%).
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RENOVATION ACTIVITY & SPEND HIT FOUR-YEAR HIGH
Home renovation activity and spend are at the highest rates reported since 2018. More than half of homeowners (53%) renovated in 2021, up four percent from 49% in 2020. Homeowners recorded a 20% jump in median renovation spend at £18,000 from £15,000 in 2020.
PLANNED RENOVATION SPEND INCREASES YEAR OVER YEAR
Home renovation activity continues into 2022, with nearly half of homeowners planning to renovate (49%) and more than half planning to decorate (55%) this year. Homeowners’ planned spend has increased to £10,000 for 2022 versus £7,000 in 2019, a 43% jump. Homeowners with higher-budget renovations (the top 10 percent of spend) are planning to spend £100,000 on projects in 2022 compared with £75,000 in 2021.
DEMAND FOR HOME PROFESSIONALS
Homeowners sought help from professionals for their renovations in 2021 (92%) more often than in the year prior (88%). Homeowners relied most heavily on the expertise of specialty service providers such as electricians (58%) and plumbers (53%) for their projects.That said, builders (34%) and architects (23%) were the most hired professionals in construction and design related services and saw a significant jump in 2021 compared with 2020 (30% and 18%, respectively).
SWITCHING UP INTERIORS
Investments in interior rooms remained the priority for three in four renovating homeowners in 2021 (75%). Kitchens are both the most popular interior room to be upgraded and the room that commanded the highest spend at £12,000. Interior rooms that saw the most dramatic increase in popularity from the previous year included entrance or boot rooms (26%), dining rooms (25%), utility rooms (20%) and home offices (18%).
Download the Full Report
See the Press Release